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E-wallets and CRS

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campeones
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Re: E-wallets and CRS

Thu Dec 22, 2022 3:45 am

Realistically, if you are already in a country that complies with the CRS and with a regulated gambling market, nothing changes if your ewallet becomes a subject of the CRS. With the exception of P2P of course. But frankly, is there any P2P transactions left with PaySafe? I doubt.
Your bank already send the info to the taxman. If you send/receive money to an ewallet, the taxman already knows it. If you win/lose with a bookmaker, the taxman already knows it too.
So what they are doing here is control the middleman just in case some pennies are left behind.
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arbusers
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Re: E-wallets and CRS

Fri Dec 30, 2022 9:55 am

campeones wrote:
Thu Dec 22, 2022 3:45 am
With the exception of P2P of course.

P2P transactions are already targeted from e-wallets for years now. Even well enjoyed VIPers are sometimes ''harassed'' to put it mildly. I believe the P2P use of the e-wallets will die completely in the next couple of years. Those who base their business on this, should think of alternatives, or change their modus operandi completely.
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Re: E-wallets and CRS

Wed Mar 08, 2023 3:02 pm

Today I received an email that paxum e-wallets has been assigned paxum bank. What does that mean in terms of the CRS?
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Re: E-wallets and CRS

Wed Mar 15, 2023 8:14 pm

Coinbase is asking for TIN numbers of managers of Corporate accounts. I m sure they will expand to retail clients later on.
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arbusers
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Re: E-wallets and CRS

Thu Mar 16, 2023 3:21 pm

One thing I can say for sure is that KYC becomes unbearable year by year and this is not only about corporate entities.
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Re: E-wallets and CRS

Thu Apr 27, 2023 7:18 pm

Hi guys ,

today I received an email from Revolut , and guess what , they are asking for my tax details , including the TIN ( Tax Identification Number) .

More specifically :

'' We need you to provide your tax details by 2023-06-29 so you can continue to have access to all of Revolut's amazing features. It won't take long — just go to your app and tap the 'Provide your tax details' tile.

According to CRS (Common Reporting Standard), Revolut is required to report information directly to tax authorities concerning financial accounts held by our customers.

Not all countries participate in CRS, so if you don't see the country in which you're a tax resident on the list when you try to submit, it means you don't need to submit your tax information for that country.

We're also required to report information about financial accounts held by U.S. taxpayers or by foreign entities (in which U.S. taxpayers hold a substantial ownership interest according to FATCA (Foreign Account Tax Compliance Act) to the United States Department of Treasury and the Internal Revenue Service (“IRS”). ''


I don't know how relevant could this be to E-wallets as skrill , neteller , etc , but it certainly is very very alarming !
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apoel81
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Re: E-wallets and CRS

Fri Apr 28, 2023 10:16 am

I think the best solution in the near future is to use an EMI licensed in your country of tax residence to avoid CRS, i see no other alternative
jarora
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Re: E-wallets and CRS

Tue Apr 16, 2024 11:59 am

ProHat wrote:
Thu Apr 27, 2023 7:18 pm
Hi guys ,

today I received an email from Revolut , and guess what , they are asking for my tax details , including the TIN ( Tax Identification Number) .

More specifically :

'' We need you to provide your tax details by 2023-06-29 so you can continue to have access to all of Revolut's amazing features. It won't take long — just go to your app and tap the 'Provide your tax details' tile.

According to CRS (Common Reporting Standard), Revolut is required to report information directly to tax authorities concerning financial accounts held by our customers.

Not all countries participate in CRS, so if you don't see the country in which you're a tax resident on the list when you try to submit, it means you don't need to submit your tax information for that country.

We're also required to report information about financial accounts held by U.S. taxpayers or by foreign entities (in which U.S. taxpayers hold a substantial ownership interest according to FATCA (Foreign Account Tax Compliance Act) to the United States Department of Treasury and the Internal Revenue Service (“IRS”). ''


I don't know how relevant could this be to E-wallets as skrill , neteller , etc , but it certainly is very very alarming !

It is same as PayPal. PayPal sent me this for the first time in several years:

Please provide more information

To comply with local laws and a U.S. federal tax law called the Foreign Account Tax Compliance Act (FATCA), PayPal needs to collect certain information from customers even if they’re not based in the United States. To help us determine if your account is subject to FATCA reporting, we need you to provide a little more information. Learn more about FATCA.

It’s important that you provide the additional information by 31 May 2024. If you don’t provide it by then, your PayPal account will be limited.

The US IRS has also become stricter - https://www.paypal.com/us/cshelp/articl ... rs-help543
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Re: E-wallets and CRS

Fri Jun 07, 2024 11:17 am

apoel81 wrote:
Fri Apr 28, 2023 10:16 am
I think the best solution in the near future is to use an EMI licensed in your country of tax residence to avoid CRS, i see no other alternative
I totally agree with you
jarora
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Re: E-wallets and CRS

Mon Jul 08, 2024 1:05 pm

apoel81 wrote:
Fri Apr 28, 2023 10:16 am
I think the best solution in the near future is to use an EMI licensed in your country of tax residence to avoid CRS, i see no other alternative
Can you advise who uses EMI licensed?
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apoel81
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Re: E-wallets and CRS

Tue Jul 09, 2024 9:49 am

jarora wrote:
Mon Jul 08, 2024 1:05 pm
apoel81 wrote:
Fri Apr 28, 2023 10:16 am
I think the best solution in the near future is to use an EMI licensed in your country of tax residence to avoid CRS, i see no other alternative
Can you advise who uses EMI licensed?
Don't understand the question tbh mate

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